Opinions by Lyle Stein | StockChase
768
Lyle Stein

Sr. Portfolio & Managing Director

ON STOCKCHASE SINCE Mar 2008

Vestcap Investment Management

768
Lyle Stein

Sr. Portfolio & Managing Director

ON STOCKCHASE SINCE Mar 2008

Vestcap Investment Management


Opinions by Lyle Stein


Signal Opinion Expert Chart
N/A
General Market Comment 

December 1, 2017

Market.  Trading is one thing and investing is another.  He wants to acquire things that are on sale.  If he finds something that he likes and it is on sale, then that is wonderful.  The current volatility is troubling as we have seen an absence of buyers on the downside.  It is hard to do his job as a Canadian guy right now.  To perform globally you need the kinds of sectors that we just don’t have enough of: tech, healthcare, & industrial.  He looks for names.  If you disappoint, you get killed.  The market is driven by ETF buying and is overcrowded. 

Market.  Trading is one thing and investing is another.  He wants to acquire things that are on sale.  If he finds something that he likes and it is on sale, then that is wonderful.  The current volatility is troubling as we have seen an absence of buyers on the downside.  It is hard to do his job as a Canadian guy right now.  To perform globally you need the kinds of sectors that we just don’t have enough of: tech, healthcare, & industrial.  He looks for names.  If you disappoint, you get killed.  The market is driven by ETF buying and is overcrowded. 

Unknown
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$0.020
Owned Owned
_N/A

Must be logged in to use chart
COMMENT
General Market Comment 

December 1, 2017

Times change.  The ETF world is a new creation and a cheaper way of getting mutual funds.  They are used by institutions to get into sectors without buying a particular stock.  He is always cautious about who are you selling to on the way up and who are you buying from on the way down.  The opportunities are more on the short side rather than the long side in recent years. 

Times change.  The ETF world is a new creation and a cheaper way of getting mutual funds.  They are used by institutions to get into sectors without buying a particular stock.  He is always cautious about who are you selling to on the way up and who are you buying from on the way down.  The opportunities are more on the short side rather than the long side in recent years. 

Unknown
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$0.020
Owned Owned
Unknown

Must be logged in to use chart
DON'T BUY
General Market Comment 

December 1, 2017

Oil Stocks.  He gave up years ago on the junior oil business.  Now we are sitting at $50 oil.  We are at the end of the pipe.  Egress from Alberta is becoming much more difficult.  It’s going to be tough for Canadian companies to make money.  Productivity and wells does not differentiate companies.  He owns prairie sky (PSK-T) for the dividend and royalty stream.

Oil Stocks.  He gave up years ago on the junior oil business.  Now we are sitting at $50 oil.  We are at the end of the pipe.  Egress from Alberta is becoming much more difficult.  It’s going to be tough for Canadian companies to make money.  Productivity and wells does not differentiate companies.  He owns prairie sky (PSK-T) for the dividend and royalty stream.

Unknown
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$0.020
Owned Owned
Unknown

Must be logged in to use chart
BUY
Altagas Ltd(ALA-T) 

December 1, 2017

He owns it in income oriented accounts for the yield.  They are paying, and recently increased, the dividend.  They announced the acquisition of WGL-N and would have to raise capital, which spooked the market.     After this they will become a significant player n the US. 

oil/gas

He owns it in income oriented accounts for the yield.  They are paying, and recently increased, the dividend.  They announced the acquisition of WGL-N and would have to raise capital, which spooked the market.     After this they will become a significant player n the US. 

oil/gas
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$29.400
Owned Owned
Yes

Must be logged in to use chart
WATCH
CAE Inc(CAE-T) 

December 1, 2017

He is looking at it because it has a significant component of its revenues from aerospace. It could be a potential target from south of the boarder.  He thinks this one is overlooked.  There is a pilot shortage.

transportation equip & components

He is looking at it because it has a significant component of its revenues from aerospace. It could be a potential target from south of the boarder.  He thinks this one is overlooked.  There is a pilot shortage.

transportation equip & components
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$22.690
Owned Owned
No

Must be logged in to use chart
BUY
Cineplex Inc(CGX-T) 

December 1, 2017

There is a secular story and a cyclical story and the two have converged.  It is well run.  The problem is the movies.  He is looking at it.  It is attractive in the $50 range after tax loss selling.

other services

There is a secular story and a cyclical story and the two have converged.  It is well run.  The problem is the movies.  He is looking at it.  It is attractive in the $50 range after tax loss selling.

other services
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$38.250
Owned Owned
Unknown

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BUY on WEAKNESS

He did not look at CM-T as an acquisition play.  It was a great place in the banking space.  This quarter they showed the benefits of their cost cutting measures.  It still trades at a very low multiple.  He likes the yield that they will grow.  He would not buy it today but he still thinks it has legs to run.

banks

He did not look at CM-T as an acquisition play.  It was a great place in the banking space.  This quarter they showed the benefits of their cost cutting measures.  It still trades at a very low multiple.  He likes the yield that they will grow.  He would not buy it today but he still thinks it has legs to run.

banks
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$121.200
Owned Owned
Unknown

Must be logged in to use chart
COMMENT
Descartes(DSG-T) 

December 1, 2017

It has been a good performing company because they executed well.  They have a unique position.  He missed this one.  59 times forward earnings vs. an industry average of 26.

computer software/processing

It has been a good performing company because they executed well.  They have a unique position.  He missed this one.  59 times forward earnings vs. an industry average of 26.

computer software/processing
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$34.680
Owned Owned
No

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TOP PICK
Electronics Arts Inc(EA-Q) 

December 1, 2017

You go out and spend extra money to get an extra weapon and you win at the video game.  It is cheap on a multiple basis.  He thinks there is more sex appeal coming with FIFA.  The company is growing.  (Analysts’ target: $130.00).

computer software/processing

You go out and spend extra money to get an extra weapon and you win at the video game.  It is cheap on a multiple basis.  He thinks there is more sex appeal coming with FIFA.  The company is growing.  (Analysts’ target: $130.00).

computer software/processing
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$106.020
Owned Owned
Yes

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TOP PICK
Enbridge(ENB-T) 

December 1, 2017

It is one of those great Canadian companies that fell on hard times.  Pipelines are not getting completed as fast as the market expected.  They have projects coming up that support their growth.  The stock got tanked because of concerns about raising equity.  They fixed the balance sheet.  This is wonderful – better than a bank.  (Analysts’ target: $60.00).

oil/gas pipelines

It is one of those great Canadian companies that fell on hard times.  Pipelines are not getting completed as fast as the market expected.  They have projects coming up that support their growth.  The stock got tanked because of concerns about raising equity.  They fixed the balance sheet.  This is wonderful – better than a bank.  (Analysts’ target: $60.00).

oil/gas pipelines
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$48.630
Owned Owned
Yes

Must be logged in to use chart
PAST TOP PICK
Goldcorp Inc(G-T) 

December 1, 2017

(A Top Pick Nov 30/16, Down 7.8%)  He sold because he wanted to reduce gold exposure.  It had been the laggard and but now showing some luster.  $13 to $14.50 could be a place to buy it back.

precious metals

(A Top Pick Nov 30/16, Down 7.8%)  He sold because he wanted to reduce gold exposure.  It had been the laggard and but now showing some luster.  $13 to $14.50 could be a place to buy it back.

precious metals
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$16.140
Owned Owned
No

Must be logged in to use chart
COMMENT
Manulife Financial(MFC-T) 

December 1, 2017

Banks? or lifecos?  He sold MFC-T about a year ago.  They are a great play on rising interest rates.  He did not think they would go up as fast as they did and so he allocated to bank shares. 

insurance

Banks? or lifecos?  He sold MFC-T about a year ago.  They are a great play on rising interest rates.  He did not think they would go up as fast as they did and so he allocated to bank shares. 

insurance
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$26.990
Owned Owned
No

Must be logged in to use chart
HOLD

As a retiree, your retirement income just got you an extra 3% growth.  Before you sell ask what you will buy that will equal the income and growth.  Watch what is taxable.  It is a domestic bank.  It had a really good run.  Don’t expect the same returns because the fear factor came off.  The dividend is attractive.

banks

As a retiree, your retirement income just got you an extra 3% growth.  Before you sell ask what you will buy that will equal the income and growth.  Watch what is taxable.  It is a domestic bank.  It had a really good run.  Don’t expect the same returns because the fear factor came off.  The dividend is attractive.

banks
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$63.710
Owned Owned
Unknown

Must be logged in to use chart
PAST TOP PICK
Northland Power Inc(NPI-T) 

December 1, 2017

(A Top Pick Nov 30/16, Up 14%)  He still likes it.  He believes the dividend can grow substantially.  He is concerned about the Canadian dollar and that the economy is slowing.  The drivers of energy, housing and new legislation are slowing it down.  This is a great way to hold assets in northern Europe.  These cash flows will continue to grow. 

Utilities

(A Top Pick Nov 30/16, Up 14%)  He still likes it.  He believes the dividend can grow substantially.  He is concerned about the Canadian dollar and that the economy is slowing.  The drivers of energy, housing and new legislation are slowing it down.  This is a great way to hold assets in northern Europe.  These cash flows will continue to grow. 

Utilities
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$23.760
Owned Owned
Yes

Must be logged in to use chart
BUY
Open Text(OTEX-T) 

December 1, 2017

He would own it.  He recently acquired it.  There are not a lot of tech stocks in Canada.  It is a good cash generator and you don’t pay a lot for it.  It has stability.  They are a consolidator for smaller tech companies.  He really likes the name.

computer software/processing

He would own it.  He recently acquired it.  There are not a lot of tech stocks in Canada.  It is a good cash generator and you don’t pay a lot for it.  It has stability.  They are a consolidator for smaller tech companies.  He really likes the name.

computer software/processing
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$41.160
Owned Owned
Yes

Must be logged in to use chart
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